Exports ensure N$12bn in earnings
Namibia’s exports stood at N$12 billion in January this year, and imports at N$13.8 billion, resulting in the country’s trade deficit of N$1.8 billion.Exports increased by 9.4% from N$10.9 billion recorded in December 2023, the Namibia Statistics Agency (NSA) said yesterday. Compared to January 2023, it increased by 53.4%.
The import value increased by 16.3% when compared to the value recorded in December 2023 and 27.6% when compared to the value of N$10.8 billion recorded in January 2023.
China emerged as the country’s largest export destination, with a share of 29% of all goods exported, followed by South Africa with a share of 16.4%.
Furthermore, Botswana, Zambia and Canada formed part of Namibia’s top five export markets.
The demand side saw South Africa maintaining her position as the country’s largest source for imports, accounting for 25.4% of total imports into Namibia, followed by Peru in second position with 10.8% of the market share. Bulgaria, the United States of America, and the United Arab Emirates also formed part of Namibia’s top five import markets.
Commodities
Uranium had the largest share of 31.7% of Namibia’s total exports ahead of precious stones (diamonds) with 13% and non-monetary gold with a share of 10.8%.
Lastly, fish (10.6%) and petroleum oils (5.0%) came in fourth and fifth positions.
In terms of imports, copper ores and concentrates was the highest valued commodity with a share of 21.3% of total imports, followed by petroleum oils with a share of 20.5%, while inorganic chemical elements came third with a share of 3.8%.
Furthermore, civil engineering and contractors’ equipment (3.1 %) and motor vehicles for the transportation of goods (2.7%) occupied the fourth and the fifth positions.
Regions
In terms of regional composition, the Southern African Customs Union (Sacu) emerged as the largest export market during the month of January 2024, contributing 31.3% to total exports.
Brazil, Russia, India and China (Bric) ranked second with a market share of 29.2% while the Organisation for Economic Co-operation and Development (OECD) and the European Union (EU) accounted for 22.5% and 15%, respectively.
The Southern African Development Community (SADC), excluding Sacu, absorbed 12.4% of Namibia’s total exports.
On the demand side, Sacu maintained its position as the largest source of Namibia’s imports with a share of 26.1% of the total import bill, followed by the OECD with a contribution of 18.9%, while the EU came third in the list with a share of 18.1%. Bric and the Common Market for Eastern and Southern Africa (Comesa) had shares of 6.8% and 5.4%, respectively.
Transport
Namibia’s trade by mode of transport showed that in January 2024, vast goods were exported via sea transport, accounting for 55.5% of total exports, followed by air transport with 25.7% and road transport with 18.8%.
From the demand side, sea transport was the most frequent mode of transport, accounting for 57.1% of total imports, followed by road transport with 38.9% and air transport with 3.9%.